Farms include plantations, ranches, ranges and orchards and farmers may raise livestock, poultry or fish, or grow fruits or vegetables. If you’re in the farming business or are thinking about it, here are ten things you should know about farm income and expenses. 1. Crop insurance proceeds. Insurance payments from crop damage count as income. Generally, …
The federal tax deadline is quickly approaching. If you owe money to the IRS – including estimated and other business taxes – here are six options for quick and easy electronic payments: Taxpayers who owe a 2019 income tax liability, as well as estimated tax for 2020, must make two separate payments on or by …
With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people – especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt. When you handle debt wisely, you …
Whether the goal is to gain experience or earn some spending money or help pay for college, summer is the prime job season for teens and college students. This year, however, with the coronavirus pandemic, the job situation has not been as easy – not to mention that it is starting later than usual. Nonetheless, …
The Tax Cuts and Jobs Act (TCJA) prohibits individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026. However, proposed guidance has recently been issued clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions and are allowable in figuring …
Estates and Trusts: Guidance for Itemizing Deductions Read More »
When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should know about how gains and …
When filing a tax return, mistakes such as the common errors listed below can result in a processing delay – and increase the amount of time it takes to receive a tax refund. Using a reputable tax preparer such as a certified public accountant, enrolled agent or another knowledgeable tax professional is usually the best …
Avoid These Common Errors When Filing a Tax Return Read More »
We are doing our best to keep our clients informed of the new loan programs now available to small businesses. Here are some important highlights of the Paycheck Protection Program (PPP Loan). Who is Eligible? Businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. When …
